J. Stephen Co., Ltd. cancelled the acquisition of an additional 31.3% stake in Ace Woojin Ltd. from TONGYANG Networks Co., Ltd..
November 04, 2020
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J. Stephen Co., Ltd. (KOSDAQ:A096690) agreed to acquire an additional 31.3% stake in Ace Woojin Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) for KRW 45 billion on September 5, 2019. The consideration will be paid in cash. Post completion of the transaction, J. Stephen Co., Ltd. will hold a total of 0.56 million shares representing 53.53% stake in Ace Woojin Ltd. For the year 2018, Ace Woojin Ltd. reported total assets of KRW 259.82 billion, total debt of KRW 172.65 billion, total capital of KRW 87.17 billion , sales of KRW 1 million and net income of KRW 42.13 billion. The acquisition is expected to complete on April 20, 2020. After correction report as of April 20, 2020 the transaction is expected to be completed by October 20, 2020. As of October 19, 2020, the transaction is expected to be completed on April 30, 2021.
J. Stephen Co., Ltd. (KOSDAQ:A096690) cancelled the acquisition of an additional 31.3% stake in Ace Woojin Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) on November 5, 2020.
ARoot Co Ltd, formerly J Stephen Lab Ltd, is a Korea-based company engaged in the manufacturing and sale of mini printers. The Company operates its business through three main segments. The Mini Printer Business segment manufactures and sells point of sale (POS) printers, which are used for receipts output, tickets issuing and lotteries output in department stores, hotels and restaurants; label printers, which are used in plants and distribution centers; mobile printers used for parking management, delivery-related industrials and sticker output, as well as printer mechanisms, which are used for credit card terminals, parking systems, kiosk banking systems and POS systems. The Distribution Business segment sells products such as bags and watches. The Electric Equipment Business segment is engaged in the manufacturing of power supply apparatuses and power converters.